Cadence Inc. announces results for first nine months of 2015
Earnings per share increased 1% over prior year to $2.44 per share for the nine month period. Earnings before interest, taxes, depreciation and amortization (EBITDA) were up 5% to $11.5 million. 2015 results included 9 months from the acquisition of Plainfield Precision Holdings locations in Sturgeon Bay, WI, Plymouth, MA; and Santo Domingo, Dominican Republic completed in August 2014 compared to only 2 months in 2014 numbers.
With the expiration of the R&D tax credit at the end of 2014, Cadence is accruing estimated taxes at a rate assuming the current tax laws remain in effect for all of 2015. If the R&D tax credit were to be extended by Congress and reinstated to January 1, 2015, Cadence estimates its Earnings /share would be $.15/share higher in the first 9 months of the year.
“Overall, third quarter was a pretty good quarter” said Ken Cleveland, CFO. “Revenue in the quarter was slightly higher than second quarter’s record of $22.4M and profitability was stronger than in second quarter.”
About Cadence, Inc.
Cadence, Inc. is a leading supplier of advanced products, technologies and services to medical device, life science, automotive, and industrial companies worldwide. Cadence develops solutions-oriented relationships with customers and provides highly technical solutions that enable improved product performance in clearly measurable ways. Cadence employs more than 475 people worldwide with headquarters in Staunton, VA and other locations in Cranston, RI, Pittsburgh, PA, Sturgeon Bay, WI, Plymouth, MA, and the Dominican Republic. More information on Cadence can be found at www.cadenceinc.com.